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Tuesday, 12/12/2023 8:28:44 AM

Tuesday, December 12, 2023 8:28:44 AM

Post# of 99715
Note 7: When the Company enters into convertible notes, some of which contain, predominantly, fixed rate conversion features (See Note 5 for conversion terms), whereby the outstanding principal and accrued interest may be converted by the holder, into common shares at a fixed discount to the market price of the common stock at the time of conversion. This results in a fair value of the convertible note being equal to a fixed monetary amount. The Company records the convertible note liability at its fixed monetary amount by measuring and recording a put premium on the consolidated balance sheets, as applicable, on the note date with a charge to interest expense. The put premiums are expensed on issuance of the debt with the liability released to additional paid in capital on conversion of the principal.

https://www.otcmarkets.com/filing/html?id=17073950&guid=kdJ-kHuX-ElEdth#F10Q0923_BOWMOINC_HTM_a_009

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